Streak.tech, a Bengaluru-based algorithmic trading platform has raised $1 million (approx ₹7 crore) in pre-Series A funding from 3one4 Capital and its existing investor Rainmatter Capital.
The trading startup will use the funds for team expansion, development of a product roadmap and to scale up its existing customer base.
“Usually algorithmic trading solutions are built in isolation and thus do not have the smooth user experience that we are able to offer because of our deep integration with a trading platform like Zerodha,” Harsha Manohar, co-founder of Streak.tech said.
Streak.tech was founded by Harsha Manohar, Vipul Divyanshu and Jayalakshmi Manohar in 2017. It enables retail investors to validate their trading strategies and also implement them live in the stock markets to take trades. The subscription-based platform is built for retail investors and thus does not require coding skills for a person to trade algorithmically.
While, 3one4 Capital, based out of Bengaluru, was founded by Pranav Pai and Sidharth Pai. It is a businesses that achieve and maintain market leadership combine deep domain expertise, sustainable competitive advantages, and uncompromising customer experiences to build a gravity well around themselves.
Rainmatter Capital, a fintech fund and incubator focused on supporting fintech startups to strengthen the Indian capital markets.
Founding partner of 3one4 Capital, Pranav Pai said “With a rush of retail investors into the financial markets, the need is to empower every individual investor with the tools to generate optimal returns. The Streak team has utilized their deep product experience to bring institutional-grade strategy development to the everyday investor.”
Earlier in 2017, the company had also raised a seed round of $350,000 from Rainmatter Capital, which was started by the founders of Zerodha.
According to Manohar, institutional investors in India contribute around 35-40% of the total annual turnover. Algorithmic trading has not been accessible to retail investors due to its heavy dependency on coding and advanced understanding of financial concepts.
On the other hand, as per the readings by global accounting firm EY, between 2014 to 2018, the total VC inflow into Indian fintech startups has more than doubled to 117%, whereas the fintech adoption rate for India has surged to 87 per cent (2019) from 52 per cent (2017).
Besides, other significant trading tech startups includes Quadeye, Dolat Capital, Sensibull, Synoption, Drive Markets and many more.